- Experts are expecting an altcoin rally during US elections.
- Altcoin rally is likely in case Bitcoin price stalls at current levels.
- Heavy altcoin trading and transfer movement seen over the weekend.
Bitcoin’s price action chart witnesses a positive notion with the United States presidential election in full swing. The bullish trend is in massive sway, striving to soar above a new high, unlike 2019’s price point of $13,800.
Powerful trading pressure has been witnessed with every break above this price point; this further implies that it will keep up with the scuffle to increase thrust as it fuses beneath this crucial level.
The cryptocurrency king’s stability and strength amidst presidential election campaigns in the US have been outright astounding. Affecting the stock exchange numbers with consequential turmoil had many crypto traders predict Bitcoin (BTC) nearing a weak point.
Noting of an analyst reveals the possibility of BTC to stay on top grounds temporarily around the price point and then eventually set about treading lower levels. The lower drifts of the Crypto king will dispense altcoins with the requisite momentum, which will enable them to sail higher paths on the price action against BTC.
Bitcoin vs altcoin rally
Altcoins have witnessed a massive shortfall, lately, against BTC. These relatively weaker cryptocurrencies have a long road to travel before market supremacy is reached.
Bitcoin has been trading around the record price level of $13,800 for the past few days and, at times, trading lower to a slight extent. Topping up to a $14,100 high early this week, Bitcoin strikes a new high not witnessed since Jan 2018. The enormous selling compulsion on this point was intense and led to the swift pull of Bitcoin to a low stake of $13,800.
Managed to end the weekly game beyond this point, BTC succeeded in closing at the highest point in the monthly candlestick. Another analyst believes that altcoins could substantially benefit from a BTC retreat. Bitcoin’s upswing has seriously hampered the decentralized finance (DeFi) sector, and the only way to reduce damage is by initiating an altcoin rally by pushing capital into altcoins.